1.Indian economy poised to grow at 5.6 per cent in 2014: UNCTADThe Indian economy will grow at a rate of 5.6 per cent in 2014 while developing
economies as a whole will see between 4.5 and 5 per cent rise in economic expansion, a report by the United Nations Conference on Trade and Development (UNCTAD) .
The UNCTAD Trade and Development report 2015 forecasts that developing economies as a whole are likely to repeat the performance of previous years, growing at between 4.5 and 5 per cent. It forecasts China’s economy to grow by 7.5 per cent in 2014.
2. Govt to come up with policy measures to boost SEZs
The Government is considering policy initiatives such as modifying tax rules and allowing dual use of infrastructure in non-processing areas to incentivise Special Economic Zones (SEZs).
“The Commerce and Revenue secretaries are in talks over issues such as application of Minimum Alternate Tax and Dividend Distribution Tax on SEZs and allowing dual use of infrastructure. We have to incentivise not just exporters but other manufacturers as well for optimum utilisation of the zones. This will also ensure developers get early returns,” said Nirmala Sitharaman, Minister of State (Independent Charge) Commerce and Industry, while addressing a press conference on achievements and road-map for the Commerce Ministry under the BJP regime.
3. Flipkart-Myntra targets Rs. 20,000-crore revenues from fashion business in 3 years
Two major Indian e-commerce firms — Flipkart and Myntra — are set to achieve combined revenue of Rs. 20,000 crore from their fashion business in the next three years, although they remain tight-lipped about current revenues.
E-commerce in India, according to a KPMG report, could grow to $50-70 billion ( Rs. 42,000 crore) by 2020 from $13 billion ( Rs. 7,800 crore) now.
Online marketplace Flipkart acquired Bangalore-based fashion e-tailer Myntra in May this year. Ever since the acquisition, the fashion business of the combined entity has been growing rapidly and together command more than 60 per cent of the total fashion e-tailing business.
According to a recent report by venture capital firm Accel Partners, which has investments in Flipkart, said that fashion e-commerce volumes have doubled since 2012 and is expected to grow 400 per cent in the next 3 years on back of growing young demography and changing consumer behaviour.
4. ICICI Bank offers ‘cardless cash withdrawal’ at ATMs
ICICI Bank, India’s largest private sector bank, has launched a ‘cardless cash withdrawal’ service that allows its customers to transfer money from their account to anyone in India with a mobile number.
The recipient can withdraw money round the clock without using a debit card from over 10,000 ATMs of ICICI Bank across the country. He/she can do this even without having a bank account in any bank Rajiv Sabharwal, Executive Director, ICICI Bank said: “We foresee tremendous growth potential in the usage of electronic payments in our country. ‘Cardless cash withdrawal’ provides an added facility in an array of electronic payment options that ICICI Bank offers to its customers.”
The facility can be initiated by any ICICI Bank savings account customer (sender) online and register the recipient’s name, mobile number and address.
The sender will get a four digit verification code while the recipient a six-digit reference code, over SMS. The recipient can withdraw cash from almost all ICICI Bank ATMs by entering mobile number, cash amount along with the verification and reference code, within two days of the transaction.
This service can also be used by the bank’s account-holders to withdraw cash from their own accounts too.
5. General insurers will need Rs. 8,000 cr capital over next 5 years: ICRA
The capital intensive general insurance industry will require additional capital of around Rs. 8,000 crore in the next five years to fuel its growth, says an ICRA study.
Vibha Batra, Senior Vice-President at ICRA, said most of the capital required by the general insurance industry will come from the foreign partners if the Government raises the foreign direct investment limit to 49 per cent from the current 26 per cent.
“The general insurance industry’s growth rate is likely to remain moderate at 12-14 per cent in FY15 and could pick up from the next year, given the high co-relation between the growth rates in general insurance premiums and the national GDP,” said Karthik Srinivasan, Senior Vice-President at ICRA.
6. Aadhaar enrolment to touch 100 crore by 2015
The Cabinet Committee on Economic Affairs on Wednesday approved the fifth phase of the Unique Identification (UID) scheme for undertaking enrolments in Uttar Pradesh, Bihar, Chhattisgarh and Uttarakhand.
This will enhance the target which will also include UID numbers issued in respect of enrolments done under the National Population Register process in 12 States and Union Territories.
The Government has approved generation of unique identity number to 100 crore by 2015. Till now, 67.38 crore Aadhar numbers have been generated.
7. Telangana to bring in ‘White-Fi’ to make Hyderabad a Wi-Fi city
The Telangana Government, which is trying to make Hyderabad a Wi-Fi enabled city, is in the process of acquiring ‘White-Fi’ technology, a new technology that intelligently uses all the unused spectrum allotted for broadcasting of television signals.
In technology parlance, these unused spectrum spaces are called White Space that is exciting the IT companies, Governments and other technology solution providers to provide Internet connectivity to people in hinterlands.
Top IT companies such as Microsoft and Google have been doing research on this technology that can significantly enhance the scope of Wi-Fi coverage
8. Cabinet clears stake sale in Coal India, ONGC and NHPC
ONGC, CIL disinvestment may fetch about Rs.43,000 crore. Paving the way for the Modi Government’s disinvestment programme, the Cabinet Committee on Economic Affairs (CCEA) gave its approval on Wednesday to the sale of stakes in Coal India Limited (CIL), Oil and Natural Gas Corporation (ONGC) and National Hydroelectric Power Corporation (NHPC).
The Finance Ministry had proposed shares sales of 10 per cent in CIL, 5 per cent in ONGC and 11.36 per cent in NHPC.
The disinvestment proposals are in line with those originally drafted by the UPA Government before the elections.
The Finance Ministry estimates that the 5 per cent disinvestment in ONGC alone will fetch Rs.18,000 crore and the 10 per cent stake sale in CIL will rake in at least Rs.25,000 crore. The stake sales will be completed through Offers for Sales conducted via e-auctions on the stock exchanges.
9. Government reworks Rajiv Arogyasri health scheme for APL families
The State government’s Rajiv Arogyasri health scheme for above poverty line (APL) families has lost its sheen even before it can take off.
Going back on its word to provide subsidised healthcare to APL families by bearing 90 per cent of the cost for up to Rs. 1.5 lakh annually, the government has now reworked the scheme to provide only 70 per cent of the cost up to Rs. 1.5 lakh in general wards. The new proposal is set to be tabled before the Cabinet on Thursday for approval.
The new proposal provides for differential rates for general, semi-private and private wards. While beneficiaries opting for treatment in general wards get 70 per cent of the cost (up to Rs. 1.5 lakh), those who choose semi-private and private wards will get reimbursements up to 50 per cent of the cost. The Suvarna Arogya Suraksha Trust (SAST) — entrusted with the implementation of the scheme — will now stipulate package rates only for treatment in general wards.
10. India successfully test fires N-capable Agni-I missile
In another successful demonstration of the missile programme, the Strategic Forces Command (SFC) successfully fired the short range Agni-1 missile propelled by a solid rocket propellant system, from Wheeler's Island, off Odisha's coast, on Thursday.
The missile, which has a range capability of over 700-km was launched as part of periodic training activity by the Strategic Forces Command.
"This is to further consolidate operational readiness," a senior officer said, adding that the trajectory of the trial was tracked by a battery of sophisticated radars, telemetry observation stations, electro-optic instruments and naval ships from its launch till the missile hit the target area with pin-point accurac
1.Indian economy poised to grow at 5.6 per cent in 2014: UNCTADThe Indian economy will grow at a rate of 5.6 per cent in 2014 while developing
economies as a whole will see between 4.5 and 5 per cent rise in economic expansion, a report by the United Nations Conference on Trade and Development (UNCTAD) .
The UNCTAD Trade and Development report 2015 forecasts that developing economies as a whole are likely to repeat the performance of previous years, growing at between 4.5 and 5 per cent. It forecasts China’s economy to grow by 7.5 per cent in 2014.
2. Govt to come up with policy measures to boost SEZs
The Government is considering policy initiatives such as modifying tax rules and allowing dual use of infrastructure in non-processing areas to incentivise Special Economic Zones (SEZs).
“The Commerce and Revenue secretaries are in talks over issues such as application of Minimum Alternate Tax and Dividend Distribution Tax on SEZs and allowing dual use of infrastructure. We have to incentivise not just exporters but other manufacturers as well for optimum utilisation of the zones. This will also ensure developers get early returns,” said Nirmala Sitharaman, Minister of State (Independent Charge) Commerce and Industry, while addressing a press conference on achievements and road-map for the Commerce Ministry under the BJP regime.
3. Flipkart-Myntra targets Rs. 20,000-crore revenues from fashion business in 3 years
Two major Indian e-commerce firms — Flipkart and Myntra — are set to achieve combined revenue of Rs. 20,000 crore from their fashion business in the next three years, although they remain tight-lipped about current revenues.
E-commerce in India, according to a KPMG report, could grow to $50-70 billion ( Rs. 42,000 crore) by 2020 from $13 billion ( Rs. 7,800 crore) now.
Online marketplace Flipkart acquired Bangalore-based fashion e-tailer Myntra in May this year. Ever since the acquisition, the fashion business of the combined entity has been growing rapidly and together command more than 60 per cent of the total fashion e-tailing business.
According to a recent report by venture capital firm Accel Partners, which has investments in Flipkart, said that fashion e-commerce volumes have doubled since 2012 and is expected to grow 400 per cent in the next 3 years on back of growing young demography and changing consumer behaviour.
4. ICICI Bank offers ‘cardless cash withdrawal’ at ATMs
ICICI Bank, India’s largest private sector bank, has launched a ‘cardless cash withdrawal’ service that allows its customers to transfer money from their account to anyone in India with a mobile number.
The recipient can withdraw money round the clock without using a debit card from over 10,000 ATMs of ICICI Bank across the country. He/she can do this even without having a bank account in any bank Rajiv Sabharwal, Executive Director, ICICI Bank said: “We foresee tremendous growth potential in the usage of electronic payments in our country. ‘Cardless cash withdrawal’ provides an added facility in an array of electronic payment options that ICICI Bank offers to its customers.”
The facility can be initiated by any ICICI Bank savings account customer (sender) online and register the recipient’s name, mobile number and address.
The sender will get a four digit verification code while the recipient a six-digit reference code, over SMS. The recipient can withdraw cash from almost all ICICI Bank ATMs by entering mobile number, cash amount along with the verification and reference code, within two days of the transaction.
This service can also be used by the bank’s account-holders to withdraw cash from their own accounts too.
5. General insurers will need Rs. 8,000 cr capital over next 5 years: ICRA
The capital intensive general insurance industry will require additional capital of around Rs. 8,000 crore in the next five years to fuel its growth, says an ICRA study.
Vibha Batra, Senior Vice-President at ICRA, said most of the capital required by the general insurance industry will come from the foreign partners if the Government raises the foreign direct investment limit to 49 per cent from the current 26 per cent.
“The general insurance industry’s growth rate is likely to remain moderate at 12-14 per cent in FY15 and could pick up from the next year, given the high co-relation between the growth rates in general insurance premiums and the national GDP,” said Karthik Srinivasan, Senior Vice-President at ICRA.
6. Aadhaar enrolment to touch 100 crore by 2015
The Cabinet Committee on Economic Affairs on Wednesday approved the fifth phase of the Unique Identification (UID) scheme for undertaking enrolments in Uttar Pradesh, Bihar, Chhattisgarh and Uttarakhand.
This will enhance the target which will also include UID numbers issued in respect of enrolments done under the National Population Register process in 12 States and Union Territories.
The Government has approved generation of unique identity number to 100 crore by 2015. Till now, 67.38 crore Aadhar numbers have been generated.
7. Telangana to bring in ‘White-Fi’ to make Hyderabad a Wi-Fi city
The Telangana Government, which is trying to make Hyderabad a Wi-Fi enabled city, is in the process of acquiring ‘White-Fi’ technology, a new technology that intelligently uses all the unused spectrum allotted for broadcasting of television signals.
In technology parlance, these unused spectrum spaces are called White Space that is exciting the IT companies, Governments and other technology solution providers to provide Internet connectivity to people in hinterlands.
Top IT companies such as Microsoft and Google have been doing research on this technology that can significantly enhance the scope of Wi-Fi coverage
8. Cabinet clears stake sale in Coal India, ONGC and NHPC
ONGC, CIL disinvestment may fetch about Rs.43,000 crore. Paving the way for the Modi Government’s disinvestment programme, the Cabinet Committee on Economic Affairs (CCEA) gave its approval on Wednesday to the sale of stakes in Coal India Limited (CIL), Oil and Natural Gas Corporation (ONGC) and National Hydroelectric Power Corporation (NHPC).
The Finance Ministry had proposed shares sales of 10 per cent in CIL, 5 per cent in ONGC and 11.36 per cent in NHPC.
The disinvestment proposals are in line with those originally drafted by the UPA Government before the elections.
The Finance Ministry estimates that the 5 per cent disinvestment in ONGC alone will fetch Rs.18,000 crore and the 10 per cent stake sale in CIL will rake in at least Rs.25,000 crore. The stake sales will be completed through Offers for Sales conducted via e-auctions on the stock exchanges.
9. Government reworks Rajiv Arogyasri health scheme for APL families
The State government’s Rajiv Arogyasri health scheme for above poverty line (APL) families has lost its sheen even before it can take off.
Going back on its word to provide subsidised healthcare to APL families by bearing 90 per cent of the cost for up to Rs. 1.5 lakh annually, the government has now reworked the scheme to provide only 70 per cent of the cost up to Rs. 1.5 lakh in general wards. The new proposal is set to be tabled before the Cabinet on Thursday for approval.
The new proposal provides for differential rates for general, semi-private and private wards. While beneficiaries opting for treatment in general wards get 70 per cent of the cost (up to Rs. 1.5 lakh), those who choose semi-private and private wards will get reimbursements up to 50 per cent of the cost. The Suvarna Arogya Suraksha Trust (SAST) — entrusted with the implementation of the scheme — will now stipulate package rates only for treatment in general wards.
10. India successfully test fires N-capable Agni-I missile
In another successful demonstration of the missile programme, the Strategic Forces Command (SFC) successfully fired the short range Agni-1 missile propelled by a solid rocket propellant system, from Wheeler's Island, off Odisha's coast, on Thursday.
The missile, which has a range capability of over 700-km was launched as part of periodic training activity by the Strategic Forces Command.
"This is to further consolidate operational readiness," a senior officer said, adding that the trajectory of the trial was tracked by a battery of sophisticated radars, telemetry observation stations, electro-optic instruments and naval ships from its launch till the missile hit the target area with pin-point accurac
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